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| Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more/most accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'medium' risk, it must have a beta value of between 0.5 and 1.5. Further information about the beta ratings can be found in the appendix section of this report. | | Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more/most accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'medium' risk, it must have a beta value of between 0.5 and 1.5. Further information about the beta ratings can be found in the appendix section of this report. |
|
| |
| ==== Risks that Johnson & Johnson is exposed to: ====
| |
| Risks Related to Our Business, Industry and Operations:
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|
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| * The Company’s businesses operate in highly competitive product markets and competitive pressures could adversely affect the Company’s earnings.
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| * Interruptions and delays in manufacturing operations could adversely affect the Company’s business, sales and reputation
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| * The Company relies on third parties to manufacture certain of our products. Any failure by or loss of a third party manufacturer could result in delays and increased costs, which may adversely affect our business.
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| * Counterfeit versions of our products could harm our patients and have a negative impact on our revenues, earnings, reputation and business.
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| * Global health crises, pandemics, epidemics, or other outbreaks could adversely disrupt or impact certain aspects of the Company’s business, results of operations and financial condition
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|
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| Risks Related to Government Regulation and Legal Proceedings:
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|
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| * Global sales in the Company’s Pharmaceutical and MedTech segments may be negatively impacted by healthcare reforms and increasing pricing pressures
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| * The Company is subject to significant legal proceedings that can result in significant expenses, fines and reputational damage.
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| * The Company faces significant regulatory scrutiny, which imposes significant compliance costs and exposes the Company to government investigations, legal actions and penalties
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| * Changes in tax laws or exposures to additional tax liabilities could negatively impact the Company’s operating results.
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|
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| Risks Related to Our Intellectual Property
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|
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| * The Company faces increased challenges to intellectual property rights central to its business.
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|
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| Risks Related to Product Development, Regulatory Approval and Commercialization
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|
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| * Significant challenges or delays in the Company’s innovation and development of new products, technologies and indications could have an adverse impact on the Company’s long-term success
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|
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| Risks Related to Financial and Economic Market Conditions:
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|
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| * The Company faces a variety of financial, economic, legal, social and political risks associated with conducting business internationally.
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| * Failure to maintain a satisfactory credit rating could adversely affect our liquidity, capital position, borrowing costs and access to capital markets
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| * The Russia-Ukraine War, and actions taken in response to the Russia-Ukraine War, could adversely affect our business, results of operations or financial condition.
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|
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|
| == Financials == | | == Financials == |
| | | ccc |
| === Income Statement ===
| |
| {| class="wikitable"
| |
| |-
| |
| !'''USDm'''
| |
| !'''2020'''
| |
| !'''2021'''
| |
| !'''2022'''
| |
| !'''2023E'''
| |
| !'''2024E'''
| |
| !'''2025E'''
| |
| !'''2026E'''
| |
| !'''2027E'''
| |
| |-
| |
| |Assumptions:
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Revenue growth'''
| |
| | -
| |
| |14%
| |
| |1%
| |
| |7.5%
| |
| |7.5%
| |
| |7.5%
| |
| |7.5%
| |
| |7.5%
| |
| |-
| |
| |'''Cost of sales % revenues'''
| |
| | -
| |
| |5%
| |
| |4%
| |
| |4.5%
| |
| |4.5%
| |
| |4.5%
| |
| |4.5%
| |
| |4.5%
| |
| |-
| |
| |'''Research and Development as % gross profit'''
| |
| | -
| |
| |21%
| |
| | -1%
| |
| |9.9%
| |
| |9.9%
| |
| |9.9%
| |
| |9.9%
| |
| |9.9%
| |
| |-
| |
| |'''General and administrative expenses % gross profit'''
| |
| | -
| |
| |12%
| |
| |0%
| |
| |6.2%
| |
| |6.2%
| |
| |6.2%
| |
| |6.2%
| |
| |6.2%
| |
| |-
| |
| |'''Other operating income as % of gross profit'''
| |
| | -
| |
| |300%
| |
| | -13%
| |
| |143.5%
| |
| |143.5%
| |
| |143.5%
| |
| |143.5%
| |
| |143.5%
| |
| |-
| |
| |'''Pretax Income %'''
| |
| | -
| |
| |43%
| |
| | -9%
| |
| |17.2%
| |
| |17.2%
| |
| |17.2%
| |
| |17.2%
| |
| |17.2%
| |
| |-
| |
| |'''Taxes % of profit before tax'''
| |
| | -
| |
| |6%
| |
| |99%
| |
| |52.7%
| |
| |52.7%
| |
| |52.7%
| |
| |52.7%
| |
| |52.7%
| |
| |-
| |
| |'''% basic net earning per share'''
| |
| |
| |
| |42%
| |
| | -14%
| |
| |14%
| |
| |14.0%
| |
| |14.0%
| |
| |14.0%
| |
| |14.0%
| |
| |-
| |
| |'''% diluted net earning per share'''
| |
| |
| |
| |42%
| |
| | -14%
| |
| |14%
| |
| |14%
| |
| |14%
| |
| |14%
| |
| |14%
| |
| |-
| |
| |'''% average share outstanding basic'''
| |
| |
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |-
| |
| |'''% average share outstanding diluted'''
| |
| |
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Total Revenue'''
| |
| | 82,584
| |
| | 93,775
| |
| | 94,943
| |
| | 102,064
| |
| | 109,719
| |
| | 117,947
| |
| | 126,793
| |
| | 136,303
| |
| |-
| |
| |'''Cost of Sales'''
| |
| | (28,427)
| |
| | (29,855)
| |
| | (31,089)
| |
| | (4,593)
| |
| | (4,937)
| |
| | (5,308)
| |
| | (5,706)
| |
| | (6,134)
| |
| |-
| |
| |'''Gross Profit'''
| |
| | 54,157
| |
| | 63,920
| |
| | 63,854
| |
| | 97,471
| |
| | 104,781
| |
| | 112,640
| |
| | 121,088
| |
| | 130,169
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Operating Expenses'''
| |
| | (34,243)
| |
| | (39,373)
| |
| | (39,368)
| |
| | 124,132
| |
| | 133,442
| |
| | 143,450
| |
| | 154,209
| |
| | 165,775
| |
| |-
| |
| |'''Research & Development'''
| |
| | (12,159)
| |
| | (14,714)
| |
| | (14,603)
| |
| | (9,681)
| |
| | (10,407)
| |
| | (11,187)
| |
| | (12,026)
| |
| | (12,928)
| |
| |-
| |
| |'''Selling, General & Administrative'''
| |
| | (22,084)
| |
| | (24,659)
| |
| | (24,765)
| |
| | (6,058)
| |
| | (6,512)
| |
| | (7,001)
| |
| | (7,526)
| |
| | (8,090)
| |
| |-
| |
| |'''Other Operating Income (Expenses)'''
| |
| | (181)
| |
| | (900)
| |
| | (783)
| |
| | 139,871
| |
| | 150,361
| |
| | 161,638
| |
| | 173,761
| |
| | 186,793
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Operating Income'''
| |
| | 19,914
| |
| | 24,547
| |
| | 24,486
| |
| | 221,603
| |
| | 238,223
| |
| | 256,090
| |
| | 275,297
| |
| | 295,944
| |
| |-
| |
| |'''Interest Income'''
| |
| | (111)
| |
| | (53)
| |
| | (490)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Interest expense, net of portion capitalised'''
| |
| | (210)
| |
| | (183)
| |
| | (276)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Other Income/Expenses Net'''
| |
| | (2,899)
| |
| | (489)
| |
| | (1,871)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Restructuring'''
| |
| | (247)
| |
| | (252)
| |
| | (321)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Pretax Income'''
| |
| | 16,447
| |
| | 23,570
| |
| | 21,528
| |
| | 25,220
| |
| | 29,545
| |
| | 34,612
| |
| | 40,548
| |
| | 47,502
| |
| |-
| |
| |'''Tax Provision'''
| |
| | (1,783)
| |
| | (1,898)
| |
| | (3,784)
| |
| | (13,291)
| |
| | (15,570)
| |
| | (18,241)
| |
| | (21,369)
| |
| | (25,034)
| |
| |-
| |
| |'''Net Income from Continuing Operations'''
| |
| | 14,664
| |
| | 21,672
| |
| | 17,744
| |
| | 11,929
| |
| | 13,975
| |
| | 16,372
| |
| | 19,179
| |
| | 22,469
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Gross profit margin %'''
| |
| |65.6%
| |
| |68.2%
| |
| |67.3%
| |
| |95.5%
| |
| |95.5%
| |
| |95.5%
| |
| |95.5%
| |
| |95.5%
| |
| |-
| |
| |'''Operating profit margin %'''
| |
| |24.1%
| |
| |26.2%
| |
| |25.8%
| |
| |217.1%
| |
| |217.1%
| |
| |217.1%
| |
| |217.1%
| |
| |217.1%
| |
| |-
| |
| |'''Net profit margin %'''
| |
| |17.8%
| |
| |23.1%
| |
| |18.7%
| |
| |11.7%
| |
| |12.7%
| |
| |13.9%
| |
| |15.1%
| |
| |16.5%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Net Earning per Share'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Basic'''
| |
| | 5.59
| |
| | 7.93
| |
| | 6.83
| |
| | 7.79
| |
| | 8.88
| |
| | 10.12
| |
| | 11.54
| |
| | 13.15
| |
| |-
| |
| |'''Diluted'''
| |
| | 5.51
| |
| | 7.81
| |
| | 6.73
| |
| | 7.67
| |
| | 8.75
| |
| | 9.97
| |
| | 11.37
| |
| | 12.96
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Average Shares Outstanding'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Basic'''
| |
| | 2,632.80
| |
| | 2,632.10
| |
| | 2,625.20
| |
| | 2,618.35
| |
| | 2,626.20
| |
| | 2,619.34
| |
| | 2,627.20
| |
| | 2,620.33
| |
| |-
| |
| |'''Diluted'''
| |
| | 2,663.90
| |
| | 2,674.00
| |
| | 2,670.70
| |
| | 2,663.73
| |
| | 2,656.76
| |
| | 2,649.82
| |
| | 2,642.90
| |
| | 2,635.99
| |
| |}
| |
| | |
| === Cash Flow ===
| |
| {| class="wikitable"
| |
| |-
| |
| !'''USDm'''
| |
| !2020
| |
| !2021
| |
| !2022
| |
| !2023E
| |
| !2024E
| |
| !2025E
| |
| !2026E
| |
| !2027E
| |
| |-
| |
| |'''Assumptions'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''D&A as % of prior year long term assets'''
| |
| | -
| |
| |2%
| |
| | -6%
| |
| | -1.7%
| |
| | -1.7%
| |
| | -1.7%
| |
| | -1.7%
| |
| | -1.7%
| |
| |-
| |
| |'''Stock based compensation % growth'''
| |
| | -
| |
| |7%
| |
| |75%
| |
| |41.0%
| |
| |41.0%
| |
| |41.0%
| |
| |41.0%
| |
| |41.0%
| |
| |-
| |
| |'''Common stock repurchased % growth'''
| |
| | -
| |
| | -7%
| |
| |28%
| |
| |10.5%
| |
| |10.5%
| |
| |10.5%
| |
| |10.5%
| |
| |10.5%
| |
| |-
| |
| |'''Dividend payout ratio'''
| |
| | -
| |
| |5%
| |
| |6%
| |
| |5.6%
| |
| |5.6%
| |
| |5.6%
| |
| |5.6%
| |
| |5.6%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Cash Flows from operating activities'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Net Income from Continuing Operations'''
| |
| | 14,714
| |
| | 20,878
| |
| | 17,941
| |
| | 11,929
| |
| | 13,975
| |
| | 16,372
| |
| | 19,179
| |
| | 22,469
| |
| |-
| |
| | '''Depreciation & Amortization'''
| |
| | 7,231
| |
| | 7,390
| |
| | 6,970
| |
| | (2,298)
| |
| | (2,398)
| |
| | (2,505)
| |
| | (2,621)
| |
| | (2,746)
| |
| |-
| |
| | '''Asset write-downs'''
| |
| | 233
| |
| | 989
| |
| | 1,216
| |
| | 813
| |
| | 813
| |
| | 958
| |
| | 950
| |
| | 883
| |
| |-
| |
| | '''Stock based compensation'''
| |
| | 1,005
| |
| | 1,135
| |
| | 1,138
| |
| | 1,605
| |
| | 2,262
| |
| | 3,190
| |
| | 4,498
| |
| | 6,342
| |
| |-
| |
| | '''Provision & Write off of Assets'''
| |
| | 63
| |
| | (48)
| |
| | (17)
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| |-
| |
| | '''Operating Gains Losses'''
| |
| | (111)
| |
| | (617)
| |
| | (380)
| |
| | (1,837)
| |
| | (833)
| |
| | (952)
| |
| | (1,083)
| |
| | (1,226)
| |
| |-
| |
| | '''Deferred Tax provision'''
| |
| | (1,141)
| |
| | (2,079)
| |
| | (1,663)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Other non-cash items'''
| |
| | (1,148)
| |
| | -
| |
| | -
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Change in working capital'''
| |
| | 2,690
| |
| | (4,238)
| |
| | (4,011)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Operating Cash Flow'''
| |
| | 23,536
| |
| | 23,410
| |
| | 21,194
| |
| | 10,211
| |
| | 13,819
| |
| | 17,062
| |
| | 20,923
| |
| | 25,722
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Cash Flows from investing activities'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Investments in property, plant and equipment'''
| |
| | (3,347)
| |
| | (3,652)
| |
| | (4,009)
| |
| | 535
| |
| | 549
| |
| | 564
| |
| | 579
| |
| | 595
| |
| |-
| |
| | '''Business Acquisitions, net'''
| |
| | (7,323)
| |
| | (60)
| |
| | (17,652)
| |
| | (2,620)
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| |-
| |
| | '''Purchases of investments'''
| |
| | (8,952)
| |
| | (5,388)
| |
| | 9,225
| |
| | (2,565)
| |
| | (2,917)
| |
| | (3,316)
| |
| | (3,771)
| |
| | (4,287)
| |
| |-
| |
| | '''Other investing activities'''
| |
| | (1,203)
| |
| | 417
| |
| | 65
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Investing Cash Flow'''
| |
| | (20,825)
| |
| | (8,683)
| |
| | (12,371)
| |
| | (4,650)
| |
| | (2,368)
| |
| | (2,752)
| |
| | (3,192)
| |
| | (3,692)
| |
| |-
| |
| | '''Other investing activities'''
| |
| | -
| |
| | (11)
| |
| | 1
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| |-
| |
| | '''Cash Flows from financing activities'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Debt repayment (increase in debt)'''
| |
| | 7,095
| |
| | (990)
| |
| | 7,452
| |
| | (6,000)
| |
| | (5,307)
| |
| | (4,829)
| |
| | (4,395)
| |
| | (3,999)
| |
| |-
| |
| | '''Common stock issued'''
| |
| | (3,221)
| |
| | (3,456)
| |
| | (6,035)
| |
| | (8,509)
| |
| | (11,998)
| |
| | (16,917)
| |
| | (23,854)
| |
| | (33,634)
| |
| |-
| |
| | '''Common stock repurchased'''
| |
| | 1,114
| |
| | 1,036
| |
| | 1,329
| |
| | 1,469
| |
| | 1,623
| |
| | 1,793
| |
| | 1,981
| |
| | 2,189
| |
| |-
| |
| | '''Dividends paid'''
| |
| | (10,481)
| |
| | (11,032)
| |
| | (11,682)
| |
| | (667)
| |
| | (782)
| |
| | (916)
| |
| | (1,073)
| |
| | (1,257)
| |
| |-
| |
| | '''Other financing activities'''
| |
| | (627)
| |
| | 395
| |
| | 65
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| |-
| |
| | '''Financing Cash Flow'''
| |
| | (6,120)
| |
| | (14,047)
| |
| | (8,871)
| |
| | (13,708)
| |
| | (16,464)
| |
| | (20,870)
| |
| | (27,340)
| |
| | (36,701)
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Cash'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | '''Net change in cash'''
| |
| | 17,238
| |
| | 9,304
| |
| | 7,329
| |
| | (12,798)
| |
| | (7,381)
| |
| | (9,313)
| |
| | (12,800)
| |
| | (18,363)
| |
| |-
| |
| | '''Cash at beginning of period'''
| |
| | -
| |
| | 17,238
| |
| | 26,542
| |
| | 33,871
| |
| | 21,073
| |
| | 13,692
| |
| | 4,380
| |
| | (8,420)
| |
| |-
| |
| | '''Cash at end of period'''
| |
| | 17,238
| |
| | 26,542
| |
| | 33,871
| |
| | 21,073
| |
| | 13,692
| |
| | 4,380
| |
| | (8,420)
| |
| | (26,783)
| |
| |}
| |
| | |
| === Balance Sheet ===
| |
| {| class="wikitable"
| |
| |-
| |
| !'''USDm'''
| |
| !2020
| |
| !2021
| |
| !2022
| |
| !2023E
| |
| !2024E
| |
| !2025E
| |
| !2026E
| |
| !2027E
| |
| |-
| |
| |'''Cash and Short Term Investments'''
| |
| | -0.5%
| |
| |25.0%
| |
| | -26%
| |
| | -0.3%
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Accounts Receivable % Revenues'''
| |
| | -
| |
| |13%
| |
| |26%
| |
| |19.3%
| |
| |19.3%
| |
| |19.3%
| |
| |19.3%
| |
| |19.3%
| |
| |-
| |
| |'''Inventory % Revenue'''
| |
| | -
| |
| |11%
| |
| |20%
| |
| |15.6%
| |
| |15.6%
| |
| |15.6%
| |
| |15.6%
| |
| |15.6%
| |
| |-
| |
| |'''Other Current Assets'''
| |
| | -
| |
| |18.0%
| |
| | -
| |
| |18.0%
| |
| |18.0%
| |
| |18.0%
| |
| |18.0%
| |
| |18.0%
| |
| |-
| |
| |'''Net Property, Plant & Equipment (PPE)'''
| |
| | -
| |
| |1%
| |
| |4%
| |
| |2.7%
| |
| |2.7%
| |
| |2.7%
| |
| |2.7%
| |
| |2.7%
| |
| |-
| |
| |'''Other Non-Current Assets'''
| |
| | -
| |
| |35%
| |
| | -8%
| |
| |13.7%
| |
| |13.7%
| |
| |13.7%
| |
| |13.7%
| |
| |13.7%
| |
| |-
| |
| |'''Goodwill'''
| |
| | -
| |
| | -9%
| |
| |15%
| |
| |2.8%
| |
| |2.8%
| |
| |2.8%
| |
| |2.8%
| |
| |2.8%
| |
| |-
| |
| |'''Accounts Payable % COGS'''
| |
| | -
| |
| |4%
| |
| |5%
| |
| |4.4%
| |
| |4.4%
| |
| |4.4%
| |
| |4.4%
| |
| |4.4%
| |
| |-
| |
| |'''Other Current Liabilities'''
| |
| | -
| |
| |3%
| |
| | -7%
| |
| | -2.1%
| |
| | -2.1%
| |
| | -2.1%
| |
| | -2.1%
| |
| | -2.1%
| |
| |-
| |
| |'''Short term debt % LT debt'''
| |
| | -
| |
| |43%
| |
| |239%
| |
| |141.0%
| |
| |141.0%
| |
| |141.0%
| |
| |141.0%
| |
| |141.0%
| |
| |-
| |
| |'''Long Term Debt'''
| |
| | -
| |
| | -8%
| |
| | -10%
| |
| | -9.0%
| |
| | -9.0%
| |
| | -9.0%
| |
| | -9.0%
| |
| | -9.0%
| |
| |-
| |
| |'''Other Non-Current Liabilities'''
| |
| | -
| |
| | -10%
| |
| | -15%
| |
| | -12.5%
| |
| | -12.5%
| |
| | -12.5%
| |
| | -12.5%
| |
| | -12.5%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Cash and Short Term Investments'''
| |
| | 25,186
| |
| | 31,608
| |
| | 23,519
| |
| | 23,401
| |
| | 23,284
| |
| | 23,168
| |
| | 23,052
| |
| | 22,937
| |
| |-
| |
| |'''Accounts Receivable'''
| |
| | 13,576
| |
| | 15,283
| |
| | 19,292
| |
| | 19,647
| |
| | 21,121
| |
| | 22,705
| |
| | 24,408
| |
| | 26,238
| |
| |-
| |
| |'''Inventory'''
| |
| | 9,344
| |
| | 10,387
| |
| | 12,483
| |
| | 15,871
| |
| | 17,061
| |
| | 18,341
| |
| | 19,716
| |
| | 21,195
| |
| |-
| |
| |'''Other Current Assets'''
| |
| | 3,132
| |
| | 3,701
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| | -
| |
| |-
| |
| |'''Total Current Assets'''
| |
| | 51,238
| |
| | 60,979
| |
| | 55,294
| |
| | 58,920
| |
| | 61,466
| |
| | 64,214
| |
| | 67,176
| |
| | 70,370
| |
| |-
| |
| |'''Net Property, Plant & Equipment (PPE)'''
| |
| | 18,766
| |
| | 18,962
| |
| | 19,803
| |
| | 20,338
| |
| | 20,887
| |
| | 21,451
| |
| | 22,030
| |
| | 22,625
| |
| |-
| |
| |'''Other Non-Current Assets'''
| |
| | 15,097
| |
| | 20,439
| |
| | 18,725
| |
| | 21,290
| |
| | 24,207
| |
| | 27,523
| |
| | 31,294
| |
| | 35,581
| |
| |-
| |
| |'''Goodwill'''
| |
| | 89,795
| |
| | 81,638
| |
| | 93,556
| |
| | 96,176
| |
| | 98,868
| |
| | 101,637
| |
| | 104,483
| |
| | 107,408
| |
| |-
| |
| |'''Total Non-Current Assets'''
| |
| | 123,658
| |
| | 121,039
| |
| | 132,084
| |
| | 137,804
| |
| | 143,962
| |
| | 150,611
| |
| | 157,807
| |
| | 165,614
| |
| |-
| |
| |'''Total Assets'''
| |
| | 174,896
| |
| | 182,018
| |
| | 187,378
| |
| | 196,723
| |
| | 205,429
| |
| | 214,825
| |
| | 224,983
| |
| | 235,985
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Accounts Payable'''
| |
| | 36,378
| |
| | 37,874
| |
| | 39,703
| |
| | 41,609
| |
| | 43,440
| |
| | 45,351
| |
| | 47,346
| |
| | 49,430
| |
| |-
| |
| |'''Other Current Liabilities'''
| |
| | 3,484
| |
| | 3,586
| |
| | 3,328
| |
| | 3,260
| |
| | 3,193
| |
| | 3,127
| |
| | 3,063
| |
| | 3,001
| |
| |-
| |
| |'''Short term debt'''
| |
| | 2,631
| |
| | 3,766
| |
| | 12,771
| |
| | 34,500
| |
| | 31,395
| |
| | 28,569
| |
| | 25,998
| |
| | 23,658
| |
| |-
| |
| |'''Total Current Liabilities'''
| |
| | 42,493
| |
| | 45,226
| |
| | 55,802
| |
| | 79,369
| |
| | 78,027
| |
| | 77,048
| |
| | 76,408
| |
| | 76,088
| |
| |-
| |
| |'''Long Term Debt'''
| |
| | 32,635
| |
| | 29,985
| |
| | 26,888
| |
| | 24,468
| |
| | 22,266
| |
| | 20,262
| |
| | 18,438
| |
| | 16,779
| |
| |-
| |
| |'''Other Non-Current Liabilities'''
| |
| | 36,488
| |
| | 32,784
| |
| | 27,884
| |
| | 24,399
| |
| | 21,349
| |
| | 18,680
| |
| | 16,345
| |
| | 14,302
| |
| |-
| |
| |'''Total Non-Current Liabilities'''
| |
| | 69,123
| |
| | 62,769
| |
| | 54,772
| |
| | 48,867
| |
| | 43,615
| |
| | 38,942
| |
| | 34,784
| |
| | 31,081
| |
| |-
| |
| |'''Total Liabilities'''
| |
| | 111,616
| |
| | 107,995
| |
| | 110,574
| |
| | 128,235
| |
| | 121,642
| |
| | 115,990
| |
| | 111,191
| |
| | 107,169
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Common Stock Equity'''
| |
| | 63,278
| |
| | 74,023
| |
| | 76,804
| |
| | 68,488
| |
| | 83,787
| |
| | 98,835
| |
| | 113,792
| |
| | 128,815
| |
| |-
| |
| |'''Noncontrolling interests in subsidiaries'''
| |
| | -
| |
| | -
| |
| | -
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Equity + Liabilities'''
| |
| | 174,896
| |
| | 182,018
| |
| | 187,378
| |
| | 196,723
| |
| | 205,429
| |
| | 214,825
| |
| | 224,983
| |
| | 235,985
| |
| |}
| |
| | |
| == Valuation == | | == Valuation == |
|
| |
|
Line 1,552: |
Line 310: |
|
| |
|
| ==== What's the expected return of an investment in the company? ==== | | ==== What's the expected return of an investment in the company? ==== |
| The Stockhub users estimate that the expected return of an investment in the company over the next five years is negative 22.83%, which equates to an annual return of negative 4.96%. In other words, an £1,000 investment in the company is expected to return £774 in five years time. The assumptions used to estimate the return figure can be found in the table below. | | The Stockhub users estimate that the expected return of an investment in the company over the next five years is negative 22.83%, which equates to an annual return of negative 72.63%. In other words, an £1,000 investment in the company is expected to return £ccc in five years time. The assumptions used to estimate the return figure can be found in the table below. |
|
| |
|
| Assuming that a suitable return level over five years is negative 4.96% per year or less, and Johnson & Johnson achieves its expected return level (of negative 4.96%), then an investment in the company is considered to be an 'suitable' one. | | Assuming that a suitable return level over five years is ccc% per year or less, and Johnson & Johnson achieves its expected return level (of ccc%), then an investment in the company is considered to be an 'suitable' one. |
|
| |
|
| ==== What are the assumptions used to estimate the return? ==== | | ==== What are the assumptions used to estimate the return? ==== |